While strong momentum drives infrastructure secondaries, incumbency advantages persist, according to Ardian's co-CEO Mark Benedetti. Speaking to affiliate title PE Hub, the Paris-headquartered asset manager executive highlighted that infrastructure secondaries volume reached $12 billion in the first half of 2026, with dry powder at $22 billion by period end. These figures represent year-on-year increases of over 30 percent and 10 percent respectively, per an Evercore report.

However, Benedetti noted that much new capital comes from relatively new market entrants operating in a landscape characterized by variety. This dynamic creates mispricing opportunities that established players like Ardian are positioned to capture. The firm's incumbent status provides advantages in deal sourcing, due diligence, and portfolio management across diverse infrastructure assets.

As capital continues flowing into the sector, differentiation between experienced specialists and newer participants will likely determine which firms capitalize on the mispricing bright spot Benedetti identifies within private markets.